ORDINANCE
WHEREAS, on April 24, 2012 the City Council passed a substitute ordinance establishing the Chicago Infrastructure Trust ("Trust"), which was published in the Council Journal of Proceedings for that date at pages 23972 through 23988 (enacted text at pages 23982 through 23988); and
WHEREAS, on July 25, 2012 the City Council passed an ordinance amending the composition of the Board of Directors of the Trust, which was published in the Council Journal of Proceedings for that date at pages 30794 through 30796; and
WHEREAS, it is necessary and advisable to further amend provisions regarding the Trust's Board of Directors in the substitute ordinance, as amended (the "Amended Substitute Trust Ordinance"); now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. Section 2 of the Amended Substitute Trust Ordinance is hereby further amended by deleting the struck-through text and inserting the underscored text as follows:
SECTION 2. Composition and Appointment of Board of Directors.
(a) The Board of Directors of the Trust shall consist of five (5) seven (7) voting members ("Voting Members") appointed by the Mayor of the City (the "Mayor") with the approval of the City Council. Four of these Voting Members shall have expertise in one or more of the following areas: financing and development of infrastructure; capital markets; and municipal finance, and one of these Voting Members shall be a member of the City Council. If at any time the City Council Voting Member shall cease to be a member of the City Council, his or her term as a Voting Member shall also cease and a member of the City Council shall be appointed to serve the remainder of this term.
The Voting Members initially appointed pursuant to this sub section (a) will serve for the following terms: one member for a term commencing with the incorporation ofthe Trust and ending on December 31, 2013, two members for a term commencing with the incorporation of the Trust and endin...
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